Failing to file a tax return can be classified as a federal crime punishable as a misdemeanor or a felony. If you do not pay your taxes in the state of Texas, any amount less than $1,500 will result in a misdemeanor charge. Any amount from $1,500 to $200,000 results in facing a first-, second-, or third-degree felony charge depending on how much you or your business owe. You could face up to 99 years in jail for a first-degree felony of tax evasion in Texas.
How We Can Help
If you need assistance with your non-filed tax returns, do not hesitate to reach out to us here at Trippon! Let us provide you with the reassurance you deserve by assisting you in aligning with legal requirements. Taking the initiative to voluntarily submit your overdue tax returns is the most effective way to steer clear of further complications with the IRS. While you may incur interest and penalties, these consequences are preferable to jeopardizing your financial freedom.
Alternatively, allowing the IRS to file your returns on your behalf means the submissions will prioritize the government’s interests, often neglecting the deductions rightfully available to you and your family. The choice is clear: retain control over your unfiled tax returns or yield to the IRS’s perspective.
To navigate this situation, the first crucial step is filing all of your outstanding tax returns. Achieving financial recovery necessitates bringing your IRS status up to date. It’s probable that you’ll have tax liabilities, interest, or penalties after filing, but once we determine the extent of the owed amounts, we can devise the optimal strategy to liberate you from IRS scrutiny and alleviate your financial burden.
Helping You & Your Business Prosper
All Businesses Can Benefit In Having A Reliable And Forward-Thinking Financial Partnership Offered By Trippon Group Of CPAs, Houston’s Premier CPA Firm For Business Owners.
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